The Asian Development Bank (ADB) has approved a $500 million loan aimed at helping Pakistan strengthen its emergency preparedness, protect against climate change impacts, and better manage natural disasters, according to an official statement released in Islamabad.
Enhancing Disaster Response and Financial Preparedness
The newly approved program is designed to establish a sustainable system that delivers immediate financial resources following disasters such as earthquakes and floods. By strengthening rescue and rehabilitation frameworks, the initiative ensures prompt financial assistance can be deployed during emergencies.
The ADB report underscores the significant human and economic vulnerabilities Pakistan faces from natural disasters, noting average annual economic losses of $2 billion. The country's severe exposure was underscored by the 2022 floods, which caused $14.9 billion in direct infrastructure damage, inflicted $15.2 billion in wider economic losses, and pushed over 9.1 million people below the poverty line.
